You may be able to receive additional funds with a current funding. Contact your Account Manager at The Business Backer for details.
The Business Backer is not a Merchant Cash Advance company. Rather, we have taken concepts from traditional lending, factoring, and merchant cash advance and married the ideas to create a flexible source of working capital with limited personal liability. We do offer an option similar to a merchant cash advance, if that is a better option for your business, but our customers are not required to be affiliated with any specific credit card processing company.
Fees may vary depending on the product chosen. See your Business Backer Funding Advisor for details.
Once you accept our offer of funding, typical closing times are only a few business days.
In addition to the individual attention given during our qualification process, the closing process is much quicker than closing on bank financing, and our funding options are traditionally shorter in payment terms (1 – 15 months).
The Business Backer’s factor rates are the most competitive in the industry. Rates are determined on an individual basis as your business moves through the qualification process.
We look at ALL aspects of your business, not just the information provided by a credit bureau. If you have a low credit score and/or legal items we will work with you to determine the status and if we are able to move forward.
Our funding model is based on multiple criteria to determine your business’s minimum and maximum qualified amount. We analyze multiple factors such as annual revenue, industry risk and credit score in addition to your story and business needs. We will create a solution to help you grow your business with a manageable repayment structure.
The actual minimum annual gross revenue qualification varies by product. As long as your business has a minimum of one year in operation and $180k in annual gross revenue, we will begin our prequalification process. From here, one of our Funding Advisors will start a discussion and make a determination if The Business Backer is a good fit for your business.